Galnaftogaz Reports Non-consolidated 1H07 Financials

In its 1H07 non-consolidated UAS accounts recently provided to the State Securities & Exchange Commission (SEC), Galnaftogaz (GLNG: U/R) reported a 23.9 times increase in revenues and a 48.8% drop in net income. Vladimir Nesterenko: Galnaftogaz’s non-consolidated financials are completely misleading: they do not show the company’s real performance and are absolutely incomparable with consolidated statements. We expect to see their 1H07 consolidated financials under local accounting standards in one or two weeks.